Pay Continuation Scheme

• Manpower is still considered as one of the most important elements of productions inspite of the dramatic growth of microchip based automation in all walks of life, especially in commerce and industry. The overall efficiency of an organization therefore depends upon the quality of the manpower of its employees. The more devoted, hardworking and loyal the employees the higher the reward to the employer in the form of greater efficiency and profitability. Quality manpower can be attracted by offering a good employee benefits package based on ensuring security and peace of mind of the workforce so that a greater commitment is obtained from them. This is why the enlightened employer pays particular attention to the welfare and well being of their workforce through various employee benefits scheme.



• One of the functions of such schemes is to provide protection to the employee's dependants in the event of his death. Progressive employers do provide group insurance which pays a lump sum to the dependants. This however does not last long. What is required in addition is a regular monthly income for a period of time. To meet this Requirement State Life proudly presents a plan, which offers invaluable protection to the employee's family during his working life. The family's regular monthly income is protected for 15 years or until age 60 witchever is earlier. In this way coverage is provided for pay upon the death of the employee. This is illustrated by the following example:

 

• Supposing the pay of an employee is Rs 2000/- per month. If death takes place at age 47 then the benefits payable will be Rs 2000/- per month up to age 60, i-e., for a period of 13 years. Total amount payable Rs.3,12,000/-
• If death takes place at age 35 then the benefit payable will be 2,000/- per month for a period of 15 years. Total amount payable Rs. 3,60,000/-

Annual premiums will be calculated on the basis of the employee's pay and his age and will be payable at the beginning of each scheme year. If this policy qualify for profit commission it will be payable in accordance with the rules at the end of 3 years.
"Cover without medical evidence" is allowed on the same basis as group term with the monthly benefits being converted into a lump sum equivalent. The total of the benefits so arrived at should, however not exceed the maximum allowable under the policy.
Please contact our representative of further information and quotation at any of the following addresses: -

Zonal Head (G&P)
Karachi Zone,
SLIC Bldg #. 2, 6th Floor, Wallace Road
Karachi.
Phone No. 9217060-9217098

Zonal Head (G&P),
Lahore Zone,
State Life Insurance Corporation
15-A Davis Road Lahore,
Phone # 042-920 0355

Zonal Head (G&P),
Peshawar Zone,
State Life Insurance Corporation
State Life Building, 34-The Mall, Peshawar
Phone # 091-921 1596

Zonal Head (G&P), Rawalpindi Zone,
State Life Insurance Corporation
State Life Building No. 8, Kashmir Road,
Rawalpindi.
Phone # 051-927 2598

Sector Head (G&P),
Multan Sector,
State Life Insurance Corporation
Multan Sector, State Life Building,
Chowk Nawan Shahr, Multan
Phone # 061-920 0606

Sector Head (G&P), Quetta Sector,
State Life Insurance Corporation,
Firdousi Building, Jinnah Road, Quetta.
Phone # 081-920 1852

Deputy Manager (G&P), Faisalabad Sector,
State Life Insurance Corporation
Sector Office, State Life Building,
Liaqat Road Faisalabad
Phone # 041-920 0467